The demand for automation to reduce costs and make greater use of data has driven adoption of new technologies in the financial services sector. However, the insurance industry has historically lagged behind its financial services counterparts in the exploration and adoption of automation, specifically through robotics. The actuarial function, in particular - while an exemplary candidate for the automation of data gathering, preparation, calculation, and reporting - has been slow to automate workflows and implement automation technology.
Innovative carriers have begun turning to robotic process automation (RPA) software to automate workflows and streamline operational activities. RPA is the use of automated rules-based software that executes pre-programmed tasks across multiple platforms. While challenges exist in the design, implementation, and governance of RPA solutions, the benefits of scaling RPA across an enterprise, including deployment within actuarial function, can generate efficiencies to improve the bottom line.
PwC conducted a survey in the 4th quarter of 2018 to understand the current state of the use of RPA technology to support actuarial processes for both life and P&C companies. We asked questions covering exploration & adoption, risks & challenges, areas of use, and governance & controls. This report analyzes the responses and provides insight into the current and future landscape of RPA within the actuarial function.
Timothy J. Landick
Actuarial Partner, PwC United States
Manager, Actuarial Services, PwC United States
Director, PwC United States
Tel: +1 (646) 248 3959